Fiscal cliff measure includes tax provisions for Indian Country
Posted: Wednesday, January 2, 2013
, the bill that averts the fiscal cliff, includes three tax provisions aimed at boosting employment and economic development in Indian Country.
The Indian Employment Tax Credit encourages businesses to hire tribal members and their spouses.
It expired in December 2011 but Section 304 of the bill extends it until the end of this year and makes it retroactive to 2012.
Similarly, the Accelerated Depreciation Incentive helps businesses located on Indian lands. It expired in December 2011 but also received a two-year extension, until the end of this year, in Section 313 of the bill.
"Businesses locating or expanding in these areas benefit by accelerated depreciation of investment and by employment tax credits when employing tribal members or their spouses," the Oklahoma Department of Commerce
said in describing the tax provisions.
A third provision affects a production credit for coal facilities that were placed in service in Indian Country before 2009. The credit ended January 1 but Section 406 extends it until January 2014.
US averts fiscal cliff after Congress approves
last minute deal
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